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US Dollars for Retirement
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Can you retire in the Philippines comfortably using the American dollar?
toastbeetle
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Can you retire in the Philippines comfortably using the American dollar?
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You won’t be spending American dollars here, no one takes them, but they are quite easy to change. In fact if you try to send yourself US dollars by a money transfer service like western union they most likely will tell you that they don’t have any dollars, even if the Western Union website said that particular store did have them and would give them to you. Also you will have paid a premium charge to get the transfer done in dollars on the front end and they will give you the discounted transfer rate here and could lose as much as $50 on a $500 transfer trying to get dollars which you didn’t end up getting. Don’t expect a very good life on less than a $1000 US either. It can be done if you know what you are doing and have time to shop around and money to spend for a few months while you are doing it, just don’t expect to do it from day one.
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Currently the exchange rate is $1 = P52 which is about as good as it will probably get for a very long time. Historically dating back all the way to 2004 the highest level has been $1 = P56. It usually trends back and fourth between P42 + P52. If you want to get the most bang for your buck then it benefits you to convert your retirement money from USD to PHP. With that said this is the Philippines and it’s just nearly impossible to save any money here. If you want to save better to hold your money in USD and just remit over for your immediate needs. Transfer Money Online | Send Money Abroad with TransferWise is less than 1% fees.